$45m R&D co-funding for high-flying NZ businesses

The Government is from today inviting applications from businesses for the 2012 Technology Development Grant—its flagship investment programme to boost research and development in businesses, Science and Innovation Minister Hon Steven Joyce announced today.

Around $45 million over three years is available for innovative, high-tech businesses to help speed up the development of innovative products and services and get them to market faster.

“Science and innovation are key drivers of economic growth and this multimillion-dollar boost by way of R&D co-funding backs businesses that are committed to research and development,” said Mr Joyce.

“Our leading high-tech businesses need to maintain their competitive edge in global markets, especially in tough world economic times. This programme helps to take some of the risk out of R&D and encourages businesses to reach for more ambitious R&D goals.”

The Technology Development Grant is one of the programmes announced in Budget 2010 to boost business R&D. The grants are valued at 20 per cent of the R&D spend of each business, up to a maximum of $2.4 million per year for three years.

Up to now, 42 businesses have received a Technology Development Grant with a total worth of $148 million.

The TechNZ suite of business R&D programmes includes Technology Development Grants, TechNZ Projects, TechNZ Capabilities and the Technology Transfer Voucher, and totals $115 million per year.

More information is available at: http://www.msi.govt.nz/get-funded/build-your-business/what-we-offer/technology-development-grant/